Fred’s, Inc. has announced today that it has filed for Chapter 11 bankruptcy and will soon close its doors for good.

According to reports, hundreds of Fred’s locations have already closed, and the remaining stores will close over the next 60 days.

“Despite our team’s best efforts, we were not able to avoid this outcome,” Chief Executive Officer Joe Anto said in a statement. “I want to thank all of our employees for their hard work and continued support of the company as we wind down our operations.”

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